Indian Supreme Court Direction Opens A Hope In Nepal on Demonetization Notes

The Supreme Court of India has directed Indian Central Government to open a new window for exchange of old notes. This comes as a ray of hope not only for Indians, but for several Nepalese and Bhutanese citizens.

The Supreme Court of India has directed Indian
Central Government to open a new window for exchange of old notes. This comes
as a ray of hope not only for Indians, but for several Nepalese and Bhutanese
citizens.

According to a report published in Indian media, both
countries deal extensively in Indian currency. An estimated Rs. 3,302cr in
Indian currency is stuck in Nepal and Bhutan.

They now hope they will get their savings back. Consider
Balram Chainrai from Nepal and Kezang Tshering from Bhutan. Both traders had
saved up lakhs in Indian rupees, which all turned scrap on November 8, 2016.

Tsherin has already been on several visits to India
since then, but even the RBI and MEA didn't help.

Traders in Kathmandu have stopped dealing in Indian
currency, Chainrai says. Nepalese central bank coordinating with Indian
counterpart for a solution

The RBI allowed Nepalese citizens to exchange notes
up to Rs. 4,500, but the Indian Embassy wasn't happy with the move as Indian
nationals weren't included. Governor of Nepal Rashtra Bank, Chiranjibi Nepal, says
the country is in talks with RBI to figure out a solution.

Despite the Modi government's focus on strengthening
diplomatic ties, the move and the subsequent "indifference" of Indian
authorities surprised many.

“However, Joint Secretary in-charge of ties with
Nepal and Bhutan, Sudhakar Dalela, insists the government has been considerate.
It is "hopeful" of a solution,” he said to Newsbytes online.